13th Mar 2006 07:00
Ulster Television plc("UTV" or "the Company" or "the Group")Preliminary Resultsfor the year ended 31 December 2005UTV PROFIT UP BY 19% IN 2005UTV, the multi media group which broadcasts television, radio and providesinternet and telephony services, announces its preliminary results for the yearto 31 December 2005.Financial highlights: * Group turnover up 46% at ‚£92.7m (2004: ‚£63.6m) reflecting the acquisition of the Wireless Group plc * Group pre-tax profit before exceptional items up 19% at ‚£20.8m (2004: ‚£ 17.5m) * Exceptional costs of ‚£1.2m (2004: Nil) reflect restructuring costs within the Group * Television operating profit maintained at ‚£15.4m (2004: ‚£15.4m) * Radio operating profit in Ireland up 56% to ‚£3.8m (2004: ‚£2.5m) after charging pre operational expenses of ‚£0.5m and operational losses of ‚£0.2m in respect of the new Belfast licence * Radio operating profit in Great Britain up to ‚£4.8m (2004: ‚£0.2m loss) after charging pre-operational expenses of ‚£0.1m in respect of the new Edinburgh licence * New Media operating profit maintained at ‚£0.8m (2004: ‚£0.8m) * Diluted Earnings per share increased by 18% to 27.14p (2004: 23.01p) * A 10.7% increase in final dividend to 7.75p (2004: 7.00p) making a total for the year of 12.50p (2004: 11.50p) an increase of 8.7%. Operational highlights: * Television advertising revenue reduced by 3.8% slightly underperforming the ITV Network * Radio advertising in Ireland grew by 17% on a like for like basis * Radio advertising in Great Britain grew by 5% on a like for like basis * Internet revenue grew by 54% * On 6 June 2005 we purchased the Wireless Group plc for ‚£96.9m (including costs) * On 21 February 2005 we purchased the local independent radio station covering the Dundalk and Drogheda areas, LMFM, in the Republic of Ireland for ‚£7.5m (including costs) * On 8 September 2005 we purchased the remaining two thirds of Juice FM in Liverpool for ‚£2.1m * On 30 September 2005 we acquired a 50% holding in First Radio Sales for ‚£ 0.5m * Successful launch of U105 in Belfast on 14 November 2005 John McCann, Group Chief Executive, UTV, said:"It has been another strong year for the Group with solid performance acrossthe business. The most significant event of the year was the acquisition of theformer Wireless Group plc in June. Its integration into UTV Radio (GB) isprogressing well and it is enjoying buoyant advertising sales."Although the UK radio market overall is experiencing adverse tradingconditions, our stations are bucking the trend. Operating profit in Ireland isup 56% to ‚£3.8m and profit in Great Britain is ‚£4.8m, reflecting the Wirelessacquisition. We are forecasting growth of 9% for the first quarter in 2006 inGreat Britain. This compares to an overall decline in the market of 11%. We areexpecting a similarly strong performance in our advertising revenues inIreland, with an increase of 9% in the first quarter. In addition to acquiringWireless, we also launched U105 Belfast during the year and since year end havelaunched Talk 107 in Edinburgh. Radio is an exceptionally important area forthe Group and we are keen to continue growing the business, building on ourrecent successes."Our television operating profit has been flat for the year at ‚£15.4m, despitea drop in revenue of 3.8%. First quarter revenues are expected to be down 8%year on year reflecting a combination of a relatively weak market, decliningadvertising revenue at ITV1 and Easter being in the second quarter. However, weare forecasting a stronger second quarter in television, due to both the WorldCup and Easter occurring during the period."Although I believe the advertising market will continue to be difficult overthe coming months, I remain confident of UTV's ability to perform well in atough market. Our recent acquisitions are performing strongly and we are wellplaced to benefit from the healthy Irish economy and the World Cup thissummer."Key dates: * 24 March 2006: record date for payment of dividends * 26 May 2006: date of Annual General Meeting * 12 June 2006: payment of dividends Chairman's Statement ---------- ----------Introduction2005 was a landmark year for your company with the transformational developmentof the radio division being the key milestone. The acquisition of the formerWireless Group plc was the largest transaction that your company has evercompleted, catapulting it to being one of the larger radio groups in the UK.Our leading position in Irish radio was further strengthened through theacquisition of LMFM covering Dundalk and Drogheda and the winning of the newlicence for the greater Belfast area. These developments significantly broadenour revenue base, both across media and geographically, and provide solidfoundations for future growth.Results and DividendOperating profit before exceptional items was up by 35% to ‚£24.8m (2004: ‚£18.4m), driven by an increase in radio division operating profit to ‚£8.6m(2004: ‚£2.2m). Operating profit in television and new media were maintained at‚£15.4m (2004: ‚£ 15.4m) and ‚£0.8m (2004: ‚£0.8m) respectively. With a netinterest charge of ‚£4.5m (2004: ‚£0.9m), income from associates of ‚£0.1m (2004:‚£0.0m) and foreign exchange gains of ‚£0.4m (2004: ‚£0.0m) group profit beforeexceptional items and taxation was up by 19% to ‚£20.8m (2004: ‚£17.5m). Afterexceptional items of ‚£1.2m (2004: ‚£0.0m) and taxation of ‚£5.1m (2004: ‚£4.9m),profits attributable to shareholders were ‚£14.4m (2004: ‚£12.6m). Fully dilutedearnings per share before exceptional items and foreign exchange gains were upby 18% at 27.14p (2004: 23.01p).Your Board recommends a final dividend of 7.75p (2004: 7.00p) which representsa 10.7% increase over last year making a total for the year of 12.50p (2004 :11.5p), an increase of 8.7%. The final dividend will be paid on 12 June 2006 toall shareholders on the Register at the close of business on 24 March 2006. TheAnnual General Meeting will be held on 26 May 2006.TelevisionThe difficult trading conditions of the television advertising marketplace inthe first half continued into the second six months of 2005. Televisionadvertising revenue for the year as a whole was down by 3.8%, slightlyunderperforming the ITV network. Despite this, television operating profit wasmaintained at ‚£15.4m (2004: ‚£15.4m) as the reduction in our licence fee from ‚£1.9m to ‚£1.1m and other cost savings of ‚£0.9m helped to offset the fall inrevenue. Our new licence terms apply to the period 1 January 2005 to 31December 2014 and encompass an unchanged variable payment of 5% of ourqualifying revenue and a reduction in the flat fee element from ‚£0.61m in 2004to ‚£0.12m in 2005. The variable elements of the licence fee applies only torevenue derived from analogue transmission and, therefore, as the number ofdigital homes grew in 2005, this part of our licence fee also reduced, givingan overall reduction in the fee of ‚£0.8m.RadioThe acquisition of LMFM in Dundalk/Drogheda, Juice FM in Liverpool and, inparticular, the Wireless Group, almost quadrupled turnover in our radiodivision to ‚£38.9m (2004 : ‚£10.9m). On a like-for-like basis, revenue grew by17% and 5% in our radio divisions in Ireland and GB respectively. Radiooperating profits also grew substantially in Ireland and GB rising to acombined total of ‚£8.6m (2004: ‚£2.2m) after deduction of pre-operationalexpenditure of ‚£0.6m (2004: ‚£0.0m) in respect of our new licences. Our newstation for Belfast and the surrounding area launched on 14 November 2005broadcasting a mix of music and speech to some 800,000 adults, while our newstation for the greater Edinburgh area, broadcasting to approximately 1 millionadults, launched on 14 February 2006. The latter station is the first UK localstation outside of London to provide a purely speech-based service.New MediaTurnover in our new media division grew by 54% to ‚£8.1m (2004: ‚£5.3m). Thisincrease was predominately driven by broadband and telephony services and ourability to offer customers the convenience of a single bill for both services.Broadband customer numbers grew by 85% in the year, while telephony customernumbers increased by 120%. Despite increasing customer acquisition andwholesale costs, operating profits were maintained at ‚£0.8m (2004: ‚£0.8m).ProspectsTotal UK television advertising revenue is forecast to be up by about 2% to 3%in 2006. However, ITV1's fall in its share of commercial impacts in 2005 willput pressure on ITV1 network revenue in 2006 under the Contract Rights Renewal(CRR) formula agreed by Granada and Carlton as part of their mergerundertakings. Despite the stimulus of the soccer World Cup, the expectation isthat ITV1's advertising revenue could be down by 5% to 7% in 2006. However,some 50% of our television advertising revenue derives from the marketplaces inIreland and is not subject to the CRR mechanism. With continuing high localviewership the demand for advertising from within Ireland is strong and isexpected to help mitigate weakness in the GB marketplace in the year.The comparative for the first quarter of 2006 includes Easter and consequentlyour expectation is that television advertising revenue for the first 3 monthswill be down by about 8%, albeit our share of network revenue will increase.The second quarter, which will include both Easter and the football World Cup,is expected to be much stronger with April forecast to be up by 4%.In Ireland, the radio stations which we own, or sell airtime on behalf of, nowbroadcast to all the key urban areas on the island, accounting for more thantwo-thirds of the population.Our listenership strength in each of these local areas coupled with our abilityto offer a quasi-national urban proposition to our advertisers continues tofuel demand for our airtime in Ireland which is expected to be up by about 9%on a like-for-like basis in the first three months of 2006, with April forecastto be up by 12%.The UK radio market is currently experiencing adverse trading conditions and,as a whole, is expected to decline by about 11% in the first three months of2006. However, our radio operations here, both at local and national level, arebucking the market trend and are forecast to be up by about 9% in the threemonths to 31 March 2006 with April forecast to be up by 20%.talkSPORT, our national UK radio licence, is performing particularly well. Inthe first quarter of 2006, advertising and sponsorship revenue is expected tobe up by 20% and with the soccer World Cup beginning in June, strong demand isanticipated in the second quarter.In our local radio stations in GB, we are investing in staff development andaudience research as part of our plan to improve listenership and advertisingperformance. While this investment is not a short-term fix, progress isencouraging and, on a like-for-like basis, advertising revenue in thosestations is expected to be up by 2% in the first quarter of 2006. Our new radiostations in Belfast and Edinburgh have launched successfully and are forecastto break even in their third year of operation. In 2006, budgeted losses atthese two stations are expected to total ‚£1.8m.Strong growth in broadband and telephony customers is continuing and in thefirst quarter, turnover is expected to be up by 20%. As anticipated, UTV Talkwill begin to contribute to the overall profitability of the new media divisionand, as a result, an increase in profitability is expected in 2006.PeopleIt is to the great credit of all within the Company that the significantdevelopments to which I have referred above were successfully undertakenwithout impacting upon ongoing operational activities. On your behalf, I thankthe Board, management and staff for their continuing efforts on behalf of yourcompany.I would like to pay tribute to Alan Bremner, our Director of Television, whowill retire from the Company on 31 March 2006 after eighteen years of dedicatedservice. His colleagues and I wish him every happiness in his retirement.Group Income StatementFor the year ended 31 December 2005 2005 2004 Notes ‚£000 ‚£000 Continuing Operations Revenue 2 92,741 63,632 Operating costs (67,934) (45,205) ----------- ----------- Operating Profit from continuing 2 24,807 18,427operations before tax and finance costs Exceptional costs 3 (1,235) - Share of results of associates 109 -accounted for using the equity method ----------- ----------- Profit from continuing operations 23,681 18,427before tax and finance costs Finance revenue 438 147 Finance costs (4,941) (1,047) Foreign exchange gain 413 - ----------- ----------- Profit before tax 19,591 17,527 Taxation 4 (5,101) (4,937) ----------- ----------- Profit for the year 2 14,490 12,590 ----------- ----------- Attributable to: Equity holders of the parent 14,356 12,590 Minority interests 134 - ----------- ----------- 14,490 12,590 ----------- -----------Earnings per shareDiluted 5 26.09p 23.01p Basic 5 26.38p 23.36p Adjusted 5 27.44p 23.36p Diluted adjusted 5 27.14p 23.01p ----------- -----------Group Statement of Recognised Income and ExpenseFor the year ended 31 December 2005 2005 2004 Notes ‚£000 ‚£000 Income and expenses recognised directly in equity Exchange difference on translation (1,418) 16of foreign operations Exchange difference on loans hedging 1,287 223net investment in foreign subsidiaries Net actuarial gain on defined 943 831benefit pension schemes Losses on cash flow hedges taken to (119) -equity Revaluation of share of assets 1,248 -previously acquired in AR(UK) Tax on items taken directly to or (283) (249)transferred from equity ----------- ----------- Net income recognised directly in 1,658 821equity Profit for the year 2 14,490 12,590 ----------- ----------- Total recognised income and expense 16,148 13,411for the year ----------- ----------- Attributable to: Equity holders of the parent 16,014 13,411 Minority interests 134 - ----------- ----------- Total recognised income and expense 8 16,148 13,411 ----------- -----------Group Balance SheetAt 31 December 2005 2005 2004 Notes ‚£000 ‚£000 ASSETS Non-current assets Property, plant and equipment 10,938 8,908 Intangible assets 205,165 48,827 Investments accounted for using the 268 -equity method Other investments 32 - Deferred tax asset 8,725 2,171 ----------- ----------- 225,128 59,906 ----------- ----------- Current assets Inventories 832 825 Trade and other receivables 29,367 15,208 Cash and short term deposits 7 6,470 7,707 ----------- ----------- 36,669 23,740 ----------- ----------- TOTAL ASSETS 261,797 83,646 ----------- ----------- EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Equity share capital 7,824 6,584 Foreign currency reserve 108 239 Cash flow hedge reserve (119) - Retained earnings 40,325 29,767 ----------- ----------- 48,138 36,590 Minority Interest 127 (7) ----------- ----------- TOTAL EQUITY 8 48,265 36,583 ----------- ----------- Non-current liabilities Financial liabilities 7 119,935 17,772 Pension liability 6,320 7,235 Provisions 1,071 13 Deferred tax liabilities 44,646 177 ----------- ----------- 171,972 25,197 ----------- ----------- Current liabilities Trade and other payables 26,968 10,675 Financial liabilities 7 12,736 8,705 Tax payable 1,811 2,459 Provisions 45 27 ----------- ----------- Net current liabilities 41,560 21,866 ----------- ----------- TOTAL LIABILITIES 213,532 47,063 ----------- ----------- TOTAL EQUITY AND LIABILITIES 261,797 83,646 ----------- -----------Group Cash Flow StatementFor the year ended 31 December 2005 2005 2004 Note ‚£000 ‚£000 Operating activities Group operating profit from continuing 2 24,807 18,427operations before tax and finance costs Adjustments to reconcile group operating profit to net cash flows from operating activities Depreciation of property, plant and 1,746 1,589equipment Difference between pension (300) 37contributions paid and amounts recognised in the Income Statement Increase in inventories 7 75 Increase in trade and other receivables (349) (2,110) Increase in trade and other payables 1,705 3,224 Movement in provisions (27) (27) Profits from sale of property, plant (16) (8)and equipment ----------- ----------- Cash generated from operations before 22,201 21,207exceptional costs Exceptional costs (1,105) - Tax paid (4,338) (4,703) ----------- ----------- Net cash inflow from operating 22,130 16,504activities ----------- ----------- Investing activities Interest received 431 145 Proceeds on disposal of property, plant 56 60and equipment Purchase of property, plant and (1,868) (1,301)equipment Acquisition of subsidiaries, net of (103,811) -cash acquired Acquiree transaction costs settled (5,566) - Acquisition of joint ventures, net of (366) -cash acquired ----------- ----------- Net cash flows from investing (111,124) (1,096)activities ----------- ----------- Financing activities Borrowing costs (6,557) (1,072) Proceeds from exercise of share options 236 - Dividends paid to equity shareholders (6,395) (5,596) Repayment of borrowings (35,912) (6,018) Proceeds from borrowings 136,278 - ----------- ----------- Net cash flows used in financing 87,650 (12,686)activities ----------- ----------- Net increase in cash and cash (1,344) 2,722equivalents Net foreign exchange differences (87) 3 Cash and cash equivalents at 1 January 7,707 4,982 ----------- ----------- Cash and cash equivalents at 31 6,276 7,707December ----------- -----------Notes to the Group Financial StatementsFor the year ended 31 December 2005 1. Basis of preparation The Group's financial statements consolidate those of Ulster Television plc,and its subsidiaries (together referred to as the "Group") and the Group'sinterest in associates and jointly controlled entities.As required by EU law the Group's accounts have been prepared in accordancewith International Financial Reporting Standards adopted by the InternationalAccounting Standards Board (IASB) and interpretations issued by theInternational Financial Reporting Interpretations Committee of IASB as adoptedby the EU ("IFRS"). These are the Group's first consolidated financialstatements to be prepared under the IFRS and IFRS 1 "First-time Adoption ofInternational Financial Reporting Standards" has been applied.The accounts are principally prepared on the historical cost basis except whereother bases are applied under the Group's accounting policies.The comparative information presented in these accounts has been restated andrepresented under IFRS. In respect of financial instruments, the Group'spolicy, as permitted under IFRS 1, has been to adopt IAS 32 (FinancialInstruments: Recognition and Measurement) from 1 January 2005. Comparativeshave therefore not been restated to reflect the requirements of IAS 32 and IAS29 and continue to be prepared in accordance with UK GAAP.The financial information set out herein does not constitute the Company'sstatutory report and accounts for the year ended 31 December 2005. 2. Revenue and segmental analysis Revenue represents the amounts derived from the provision of goods and serviceswhich fall within the Group's ordinary activities, stated net of value addedtax. Revenue from television and radio activities is generated from advertisingand sponsorship. Revenue from New Media is generated from the provision ofinternet services. The amount of revenue derived from the sale of goods orother activities is immaterial and therefore has not been separately disclosed.Transfer prices between business segments are set on an arm's length basis in amanner similar to transactions to third parties.The Group's primary reporting format is business segment and its secondaryformat is geographical segments. The operating businesses are organised andmanaged separately according to the nature of the services provided, with eachsegment representing a strategic business unit that offers different servicesand serves different markets.Business SegmentsThe Group operates in four principal areas of activity - commercial television,radio in GB, radio in Ireland and new media - all of which are continuingoperations. The following tables present revenue and profit informationregarding the Group's business segments for the years ended 31 December 2005and 2004.RevenueYear ended 31 December 2005 Television Radio GB Radio New Media Total Ireland ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Sales to third 45,752 25,112 13,738 8,139 92,741parties Intersegmental 608 745 482 60 1,895sales ----------- ----------- ----------- ----------- ----------- Total segmental 46,360 25,857 14,220 8,199 94,636revenue ----------- ----------- ----------- ----------- -----------Year ended 31 December 2004 Television Radio GB Radio New Media Total Ireland ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Sales to third 47,464 478 10,404 5,286 63,632parties Intersegmental 421 - 61 62 544sales ----------- ----------- ----------- ----------- ----------- Total segmental 47,885 478 10,465 5,348 64,176revenue ----------- ----------- ----------- ----------- -----------ProfitYear ended 31 December 2005 Television Radio GB Radio New Media Total Ireland ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Group operating 15,359 4,799 3,845 804 24,807profit for the year Exceptional costs, (266) (750) - - (1,016)allocable to a business segment ----------- ----------- ----------- ----------- ----------- 15,093 4,049 3,845 804 23,791 Share of results - 109 - - 109of associates ----------- ----------- ----------- ----------- ----------- 15,093 4,158 3,845 804 23,900 ----------- ----------- ----------- ----------- Other exceptional (219)costs Net finance costs (4,503) Foreign exchange 413 ----------- Profit before 19,591taxation Income tax expense (5,101) ----------- Profit for the 14,490year -----------Year ended 31 December 2004 Television Radio GB Radio New Media Total Ireland ‚£000 ‚£000 ‚£000 ‚£000 ‚£000 Group operating 15,357 (210) 2,457 823 18,427profit for the year ----------- ----------- ----------- ----------- Net finance costs (900) ----------- Profit before 17,527taxation Income tax expense (4,937) ----------- Profit for the 12,590year -----------3. Exceptional items 2005 2004 ‚£000 ‚£000 Fundamental restructuring costs 1,235 - ----------- -----------Following the acquisition of The Wireless Group plc on 6 June 2005, the staffstructure within the UTV Group was reviewed and the fundamental rationalisationresulted in redundancy costs and other related costs.4. Tax on profit on ordinary activities 2005 2004 ‚£000 ‚£000 Current income tax: UK corporation tax on profits for the period 3,126 4,673 Adjustments in respect to previous years (75) (38) ----------- ----------- 3,051 4,635 Foreign tax: ROI corporation tax on profits for the period 580 342 Adjustments in respect to previous years - (1) Share of joint ventures' current tax 59 - ----------- ----------- Total current tax 3,690 4,976 Deferred tax: Origination and reversal of timing differences 1,418 (39) Adjustments in respect of previous periods (7) - ----------- ----------- Tax charge in the income statement 5,101 4,937 ----------- -----------5. Earnings per ordinary shareBasic earnings per share is calculated based on the profit for the financialyear attributable to equity holders of the parent and on the weighted averagenumber of shares in issue during the period.Adjusted earnings per share is calculated based on the profit for the financialyear attributable to equity holders of the parent adjusted for the exceptionalitems and foreign exchange recorded in the year. This calculation uses theweighted average number of shares in issue during the period.Diluted earnings per share is calculated based on profit for the financial yearattributable to equity holders of the parent after adjusting for the netinterest payable on the Convertible Loan Notes. The weighted average number ofshares is adjusted to reflect the dilutive potential of the Convertible LoanNotes and the Share Option Schemes.Diluted adjusted earnings per share is calculated based on profit for thefinancial year attributable to equity holders of the parent before exceptionalitems and foreign exchange, and after adjusting for the net interest payable onthe Convertible Loan Notes. The weighted average number of shares is adjustedto reflect the dilutive potential of the Convertible Loan Notes and the ShareOption Schemes.The following reflects the income and share data used in the basic, adjusted,diluted and diluted adjusted earnings per share calculations:Net Profit 2005 2004 ‚£000 ‚£000 Net profit attributable to equity holders 14,356 12,590 Net interest on convertible loan notes - 24 ------- ------- Net profit attributable to ordinary 14,356 12,614shareholders for diluted earnings per share Exceptional costs 1,235 - Foreign exchange gains (413) - Taxation relating to above items (247) - ------- ------- Net profit attributable to ordinary 14,931 12,614shareholders for adjusted diluted earnings per share Net interest on convertible loan notes - (24) ------- ------- Net profit attributable to ordinary 14,931 12,590shareholders for adjusted earnings per share ----------- -----------Weighted average number of shares 2005 2004 Thousands Thousands Weighted average number of shares for basic and 54,421 53,904adjusted earnings per share Effect of dilution: - Share options 597 609 - Convertible Loan Notes - 314 ----------- ----------- Adjusted weighted average number of ordinary 55,018 54,827shares for diluted earnings per share ----------- -----------Earnings per shareDiluted 26.09p 23.01p ----------- ----------- Basic 26.38p 23.36p ----------- ----------- Adjusted 27.44p 23.36p ----------- ----------- Diluted adjusted 27.14p 23.01p ----------- -----------6. Dividends 2005 2004 ‚£000 ‚£000 Equity dividends on ordinary shares Declared and paid during the year Final for 2004: 7.00p (2003: 5.90p) 3,803 3,156 Interim for 2005: 4.75p (2004: 4.50p) 2,592 2,440 ------ ------ Dividends paid 6,395 5,596 ----------- ----------- Proposed for approval at Annual General Meeting (not recognised as a liability at 31 December) Final dividend for 2005: 7.75p (2004: 7.00p) 4,227 ----------- 7. Net Debt 2005 2004 ‚£000 ‚£000 Current Cash and cash equivalents 6,470 7,707 Bank overdrafts (194) - Current instalments due on bank loans (12,410) (8,705) Current obligations under finance leases and (14) -hire purchase contracts ----------- ----------- (6,148) (998) ----------- ----------- Non-current Non-current instalments due on bank loans (119,841) (17,772) Non-current obligations under finance leases (94) -and hire purchase contracts ----------- ----------- (119,935) (17,772) ----------- ----------- Net Debt (126,083) (18,770) ----------- -----------The borrowings at 31 December 2005 are stated net of ‚£1,574,000 (2004: Nil) ofdeferred financing costs.Current financial liabilities stated in the balance sheet also include abalance of ‚£118,000 relating to interest rate swaps (2004: Nil).8. Reconciliations of movements in equity Attributable to equity holders Minority of the parent Interest Total __________________________________ Equity Foreign Cash flow share currency hedge Retained capital reserve reserve earnings ‚£000 ‚£000 ‚£'000 ‚£000 ‚£000 ‚£000 Balance at 31 December 4,900 - - 22,191 (7) 27,0842003 Conversion of Loan Notes 1,684 - - - - 1,684 Total recognised income - 239 - 13,172 - 13,411and expense in the year Dividends - - - (5,596) - (5,596) ----- ----- ------- ------ ------ ------ Balance at 31 December 6,584 239 - 29,767 (7) 36,5832004 Exercise of share 236 - - - - 236options Shares issued on 1,004 - - - - 1,004acquisition of subsidiary Total recognised income - (131) (119) 16,264 134 16,148and expense in the year Dividends - - - (6,395) - (6,395) Reserves on the wind up - - - 689 - 689of the Wireless Group Employee Benefits Trust ------ ------ ----- ------ ----- ------ Balance at 31 December 7,824 108 (119) 40,325 127 48,2652005 ------ ------ ----- ------ ----- -----This summary has been approved by our Directors for release to the Press today 13 March 2006 and the full printed Annual Report and Accounts will be posted toShareholders and Stock Exchanges on 26 April 2006. Copies will be available tothe public at the Company's registered office Ormeau Road, Belfast BT7 1EB fromthat date.ENDULSTER TELEVISION PLCRelated Shares:
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